Quick Start: The PAL Programs at IACFB

September 2, 2024 Robert McMahon Boot Camp, Quick Start Comments Off on Quick Start: The PAL Programs at IACFB
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What Is the PAL Program at IACFB?

The PAL Program is a series of factoring broker “apprenticeships” provided by IACFB, the International Association of Commercial Finance Brokers. The program defines three (3) types of individuals seeking to become involved with commercial finance, particularly commercial factoring, and to earn residual commission payments from IACFB through this relationship. The Partners Program supports…

  1. Referrers
  2. PALs
  3. Pro PALs

While each type of individual market is slightly different, they all operate the same by simply…

  • Generating a Sales Qualified Lead (SQL)
  • Tendering the lead to IACFB or a sponsoring factor for follow-up and closing
  • Earning a share of the industry’s residual sales commission paid

An Apprenticeship Program

All PAL Programs are “Apprenticeship Programs” and are either no-cost or low-cost.  All feature marketing utilizing social media (LinkedIn).  Referrers in the programs strictly use the LinkedIn platform, while PALs and Pro PALs use web pages, websites, IACFB listing directories, or a combination of those.  Learning to become a freelance consultant in Factoring and Alternative Commercial Finance is one of the most lucrative areas of freelance consulting. The PALs programs are, by far, the easiest method to get started in the industry and to get your foot in the door.

Minimal Startup and Unparalleled Income Potential

When it comes to home-based enterprises, few opportunities can rival the allure and potential of launching a business as a referrer in factoring and alternative commercial finance. With minimal startup costs and unparalleled income potential, this venture offers the perfect blend of freedom, autonomy, and financial rewards. Here’s why it stands out compared to other standard home business opportunities:

  1. Low Startup Costs, High Returns: Unlike many traditional home-based businesses that require substantial investments in inventory, equipment, or infrastructure, launching a referral business in factoring and alternative commercial finance comes with minimal startup costs. With little more than a computer, internet connection, and networking skills, individuals can dive into this lucrative field and start earning commissions right away.
  2. Be Your Own Boss: The appeal of being your own boss is a driving force behind many entrepreneurial ventures, and launching a referral business in finance is no exception. As a referrer, individuals have the freedom to set their own schedule, work from the comfort of their own home, and dictate their earning potential. This autonomy empowers them to take control of their financial future and pursue their entrepreneurial ambitions.
  3. Income Potential: The income potential in factoring and alternative commercial finance is virtually limitless. Referrers have the opportunity to earn not only upfront commissions for successful referrals but also residual income and life-of-account commissions. This means that as long as the referred client continues to utilize the financial services, the referrer continues to earn commissions, creating a steady stream of passive income over time.
  4. Minimal Risk, Maximum Rewards: Unlike starting a traditional business that comes with inherent risks and uncertainties, launching a referral business in factoring and commercial finance carries minimal risk. Referrers are not responsible for handling transactions, managing client accounts, or assuming financial liabilities. Instead, they simply facilitate connections between clients and financial providers, earning commissions along the way.
  5. Scalability and Flexibility: The beauty of a referral business is its scalability and flexibility. Referrers have the flexibility to scale their business up or down based on their preferences, time commitments, and financial goals. Whether they choose to focus on referrals part-time or pursue it as a full-time endeavor, the potential for growth and expansion is limitless.

Startup: What You Will Need to Get Started in This Program

The GREAT NEWS about the business of commercial finance consulting is that it is extremely affordable to become a broker or consultant.  It is also very affordable to become operational, even at the highest levels.  Like all true businesses, however, it will take some work.  Starting out as a “Referrer“, however, simply could not be easier.

To launch a “Referrer” level business in commercial finance consulting with IACFB, your will need..

  1. Factoring 101 Training Guide ($39.95)
  2. Learning Lab Online Support Training (FREE)
  3. Join IACFB’s broker/referrer group and form on LinkedIn (FREE)
  4. Subscribe to Commercial Finance Consultant Magazine ($4.97 a month)

To launch your business as a “Broker” or “Consultant” (PAL or Pro PAL), you will need all of the above but also a…

  1. Web page or full web site.  This must be WordPress and blog ($99.95 -$199.95)
  2. A CRM (Customer Relationship Manager) (Free – $50.00 monthly)

Factoring Broker Training Guide and Learning Lab ($39.95)

All members, including “referrers,” start with a Factoring Brokers Training Guide. This 200+ page guide provides everything you need to generate SQL leads to IACFB and earn your first residual income.  The Factoring 101 Training Guide additionally provides free Learning Lab Online content that supports the guide with some more in-depth learning. If you do not have your training guide yet, you can order it here.

Joining LinkedIn

LinkedIn is essential for any type of business finance specialist or vocation. Thirty percent (30%) of all adults in the U.S. use LinkedIn and it is the #1 most trusted social media by brand and 4 out of 5 LinkedIn users drive business decisions. Ninety-six percent (96%) of all B2B marketers use LinkedIn for social marketing. For B2B business marketing, LinkedIn simply must be part of you marketing mix. Join  IACFB forums at LinkedIn. 

Web Pages and Websites

With the amount of online business transacted in the U.S. daily in our modern economy, you simply cannot be considered as actually “in business” unless you have an address on the web.  You must have a domain, at least one web page, and a domain related business email.  IACFB provides all members with low cost domains, web pages (FREE) and websites ($99.95-$199.95) through DataMax.

CRM / Client Relationship Manager

If you are entering the industry by becoming a freelance professional business finance consultant, you will need a CRM.  The days of tracking client leads, and referral sources using 4×6 cards and a shoe box are long gone.  With your entry to LinkedIn, along with other social media feeding you lead opportunities, you can easily see your business leads grow exponentially each and every month.  The only way to sort and keep track of these numbers is electronically.  We highly recommend Pipedrive CRM at about $40 per month.  There are, however, options that are nearly free.  Choose one and learn to use it.

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